Mapletree Investments Pte Ltd has sold a 1.8-million-square-foot (sq ft) industrial portfolio to Faropoint for $328 million. This transaction marks Mapletree’s first major U.S. warehouse divestment and Faropoint’s largest acquisition since its founding in 2012.
The portfolio comprises 30 shallow-bay warehouse buildings located across Florida, Georgia, New Jersey, Pennsylvania and Texas. John E. Huguenard and Trent Agnew of JLL represented Mapletree.
“Mapletree remains bullish on the long-term potential of the U.S. industrial market,” said Richard Prokup, CEO U.S., Mapletree. The sale “unlocks capital for reinvestment in new opportunities that align with our conviction in this sector.”
The divested assets were held under Mapletree US & EU Logistics Private Trust (MUSEL), a closed-end private fund launched in 2019 with a diversified pan-American and pan-European portfolio totaling $4.3 billion in assets under management. The MUSEL portfolio totals 262 properties; the divestment to Faropoint represents the first phase of exit for investors of MUSEL.
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